Binance has reported that it successfully averted over $2.4 billion in potential losses due to scams and fraudulent activities between January and July 2024. This proactive approach has protected more than 1.2 million users, underscoring Binance’s dedication to advanced risk management and user security.
The platform leverages an advanced internal risk engine that integrates artificial intelligence (AI) with manual review processes to ensure 24/7 real-time monitoring. This sophisticated system identifies and addresses suspicious transactions promptly, covering all aspects of the Binance ecosystem, including peer-to-peer (P2P) trading, payments, and cryptocurrency withdrawals.
A significant portion of the prevented losses, approximately $1.1 billion or 45%, was identified during the crypto withdrawal phase, frequently associated with suspected scams.
“User protection remains a top priority for Binance, driving our development of cutting-edge technological tools and processes to secure our users and their assets around the clock,” said Rohit Wad, Chief Technology Officer at Binance. “Preventing over $2.4 billion in potential losses in just seven months highlights our commitment to creating a safer environment. We will continue to enhance our security measures to protect our users.”
In addition to its monitoring and detection systems, Binance offers various protective features, including customized notifications, cooldown options, and appeal handling channels for users flagged for potential risk.
While Binance’s measures have substantially improved security, the company stresses the importance of user vigilance.
“We encourage our users to stay alert and practice strong security measures,” Rohit added. “Although we provide extensive protections, users must also remain informed and proactive to avoid potential scams.”
This announcement follows a recent report revealing that Binance recovered over $73 million in misplaced or lost funds for external parties by July 31, 2024. Binance continues to focus on innovating and enhancing its security practices to maintain a secure environment for all cryptocurrency users, both on and off its platform.
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